The Biden administration says it is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling as U.S. gas prices reach record highs.
A federal court has rejected a plan to lease millions of acres in the Gulf of Mexico for offshore oil drilling, saying the Biden administration did not adequately take into account the lease sale's effect on planet-warming greenhouse gas emissions.
A 1990s effort to encourage drilling in the Gulf of Mexico has cost the government $18 billion in lost revenue from oil royalties, according to a new report.
